Claiming personal super contributions deductions

More taxpayers can now claim a personal super contributions deductions this tax time due to the removal of the 10 per cent maximum earnings condition that came into effect from 1 July 2017.

Eligible individuals include those who earn their income from:

Salary and wages

A personal business (self-employment)

Investments such as interest, dividends, rent and capital gains

Government pensions or allowances

Super

Partnership or trust distributions

A foreign source

Those who wish to claim a deduction need to:

Make personal after-tax super contributions directly to their super fund before 30 June 2018, if they have not already contributed this financial year

Provide their fund with a ‘notice of intent to claim or vary a deduction for personal super contributions’

Obtain acknowledgement from their fund of their notice of intent before their 2018 tax return can be lodged.

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